The dominance of Bitcoin spot trading volume has reportedly hit back to the pre-spot ETF levels. As per Ki Young Ju, the chief executive officer of the popular on-chain analytics platform CryptoQuant, this development might get attention, it does not necessarily denote the bull run’s ending. The CryptoQuant CEO took to his official social media account to discuss the current outlook of this volume.
CryptoQuant CEO Says Bitcoin Market Is in Its ‘Mid-Cycle’ with a Likely Rebound in Q4
In his recent X post, the CryptoQuant CEO pointed out that the current phase points toward a “mid-cycle” period. Hence, he thinks that a further upside will shortly take place, especially in this year’s 4th quarter. One chief thing in the analysis of Ju is the stress on demand for Bitcoin’s price rebound. Hence, only a rebound will ensure the continuation of the bull market’s upward trajectory.
Coinbase, as a prominent crypto exchange, often serves as an indicator to measure the retail and institutional investor demand. The dip in the dominance of $BTC spot trading volume on Coinbase could point toward a short-term interest decline. Nonetheless, Ju thinks that the demand will pick up for another time in the fourth quarter. Several factors such as macroeconomic conditions, wider Bitcoin adoption for investment, and regulatory clarity would reportedly drive this demand.
$BTC Has Yet to Touch ‘Retail-Bubble’ Phase Driven by FOMO and Mainstream Media
The CryptoQuant CEO’s remark concerning the “mid-cycle” of the Bitcoin market, suggests that it has not yet touched the retail-bubble phase. This period is reportedly witnessed in a bull cycle’s later stages. The respective phase takes into account heightened activity among retail investors. The attention of the mainstream media and FOMO potential drive this phase.
